Residential Condos

Purchase and Sale of Residential Condominium Units

Not too long ago, condominiums were considered to be a stepping stone on the way to purchasing a single family home. This no longer is the reality. With baby boomers downsizing and turning to a different mode of living, and the younger generation now choosing condos as a lifestyle preference, it’s small wonder that thousands of condominium units enter the market every year. But condominium law presents an entirely different set of circumstances than purchasing a single family home.

For one thing, there is a condominium corporation and board of directors that effectively regulate significant aspects of your life, including legal and financial obligations, extending far beyond the purchase and closing. The Ontario Ministry provides a clear and helpful review of the Condominium Act on Consumer Services website, at (Ontario’s Condominium Act Review)

Knowing that due diligence for purchasing a condo unit is of critical importance, Howard Nightingale provides a complete service for clients buying a residential condominium unit, new or resale:

Review the agreement of purchase and sale and accompanying documents

Investigate the title and check the description

Advise on the applicability of HST legislation

Make requisitions on the title and on other details itemized in the agreement

Review the transfer

Calculate and ensure payment of the Ontario and/or Toronto land transfer tax

Obtain and review the statement from the condominium corporation regarding the financial condition of the Status Certificate

Review the statement or the adjustments

Discuss with the purchaser all matters related to title, zoning, condominium registration and adjustments

Attend on closing

Attend on the execution of documents

Advise the client about general expenses, insurance coverage and boundary limits of the condominium unit

For clients selling a residential condominium unit, HNPC provides the following services: